Misleading Ads warning

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AUCKLAND, Wednesday: The Financial Markets Authority has issued a misleading advertising warning as NZ Funds promotes a 107% annual return.

But the FMA won’t name the firms it claims may be using potentially misleading advertising.

The regulator said it had warned the funds management industry to not advertise “phenomenal investment returns” for the year to March 31, 2021.

That period included none of the February and March sell-off caused by Covid-19 last year, but all of the subsequent recovery.

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